Futures Rebound After Tuesday Sell-Off 📈

Stocks opened the holiday-shortened trading week with their worst trading session of 2023 on Tuesday. The S&P 500 and Dow lost 2.0%, while the Nasdaq plummeted 2.5%. The small-cap Russell 2K underperformed with a 2.9% loss.

Futures are turning higher in early morning trading. Currently, S&P 500 contracts are showing a 0.2% gain.

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Garmin is moving higher after an earnings release.

The GPS company reported its Q4 earnings on Wednesday morning, and the results topped expectations.

Garmin reported quarterly earnings of $1.35 per share, which beat the consensus estimate of $1.11 by 21.6%.

Sales fell 5.7% from a year ago to $1.31 billion and barely beat analysts' $1.30 billion target.

Garmin also issued Q1 and full-year 2023 outlook, but the figures fell short of consensus estimates.

GRMN is one of the premarket's top S&P 500 stocks with a 2.6% gain.

My Take: GRMN is facing stiff resistance at $100 per share. I don't think this rally will be enough to get it over the hump.

A newly announced contract is boosting shares of Terran Orbital.

The satellite manufacturer announced its wholly-owned subsidiary won a $2.4 billion contract to design, build, and deploy 288 low-earth orbit satellites.

The subsidiary, Tyvak Nano-Satellite Systems, landed the deal with Rivada Space Networks.

Under the terms of the deal, Terran will also develop 12 extra, "spare" satellites, bringing the total production order to 300 units.

News of the deal sent LLAP to the top of the premarket with a 105.8%

My Take: This could be a breakout move for LLAP. Space stocks are hot, and share prices have been slowly trending higher since the start of the year.

Wag! Group is trending after an unexpectedly strong earnings report.

The pet care marketplace reported an unexpected profit and sales that topped analysts' estimates on its Q4 earnings report this morning.

Wag! generated EPS of $0.07 per share against the consensus expectation of a $(0.18) per share loss.

Sales topped $17 million for the quarter, more than double the $8.1 million figure the company reported a year ago. The Street was expecting $13.8 million.

Wag!'s full-year 2023 revenue guidance of $75 million to $77 million also surpassed the Street's $71 million target.

PET is one of today's top premarket stocks with a 23.9% gain.

My Take: This was a breakout quarter by any measure. If PET can keep this up, this stock could have a bright future.

Cyren is moving higher after announcing a letter of intent (LOI).

The cloud-based cybersecurity stock entered into a non-binding, non-exclusive LOI with Opin Kerfi to sell its Iceland-based malware business assets.

Cyren announced the deal late Tuesday, and said it will include certain assets, including products, technology, and related intellectual property.

However, financial details of the agreement weren't disclosed in the initial press release.

Cyren called the deal an "asset monetization opportunity" that will give its customers continued access to its products.

News of the deal sent shares of CYRN soaring, and the stock is up 41.7% on active trading volume in today's premarket.

My Take: CYRN is in dire straights. It sounds like the company is on the brink of bankruptcy, so this stock isn't a very good long-term investment. I don't have a lot of confidence in this rally's staying power, either.

Tjx Companies, Inc. (The) [TJX] ... AM
Baidu, Inc. Dr [BIDU] ... AM
Garmin Ltd. [GRMN] ... AM
Nvidia Corporation [NVDA] ... PM
Pioneer Natural Resources Company [PXD] ... PM
Ebay Inc. [EBAY] ... PM
Ansys, Inc.[ANSS] ... PM
Extra Space Storage Inc Reit [EXR] ... PM
Sun Communities, Inc. Reit [SUI] ... PM
Coterra Energy Inc. [CTRA] ... PM